Platinex Commences Drilling Program at Shining Tree Property

TORONTO, March 18, 2021 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (the "Company" or "Platinex") is pleased to announce receipt of an exploration permit to commence a drilling program and other exploration activities on the Shining Tree Gold Project, Ontario. The 21,720 ha. (53,671 acres /217 km ²) property is situated along the Ridout-Tyrrell trend between the Juby deposit of Aris Gold to the east and the mine development-stage Cote Gold deposit of IAMGOLD and Sumitomo to the west.

The Company contracted Missinaibi Drilling to complete a drilling program which will commence during the week of March 29^th, 2021. Site preparation and mobilization are currently under way. Initial targets for the drilling include the area of Shaft 2 and fourteen sub-parallel quartz-carbonate veins on the eastern portion of the Caswell-Ronda area of the property.

Phase 1 Drilling Program:

The Phase 1 drill program will total 1,000m testing the intersections of a collection of east-northeast (ENE) trending veins and a slaty pyritic and graphitic metasedimentary rock unit known locally as the Evelyn vein. The program will attempt to characterize the mineralization in this intersection between the wide mineralized zone and the slaty band plus drill the mapped, but previously untested veins along the projected strike of this unit.

Phase 1 Exploration Program Completion:

The Company is currently reviewing the synthesis of data from several airborne and ground magnetic surveys in effect to optimize the interpretation. Results from a last batch of Gold in till samples will be reported shortly. In addition, an IP inversion study on the Down Hole IP on the Herrick deposit has been conducted with a persistent anomaly being revealed from 60-320m depths and an E-W 400m strike perpendicular to the Herrick deposit.

A program of linecutting and IP is being commissioned on a line grid comprising up to 67-line km. The IP survey will cover parts of the Caswell-Ronda prospect area, also locate possible target sources of gold in till anomalies and test areas south of and through the Herrick Mine and Churchill Mine where it is believed the Ridout-Tyrrell deformation zone separates older volcanic rocks on the south from a large area of Porcupine sedimentary rocks on the northeast.